I haven't had much time for writing over the last year as I've been focused on trying to help build and grow multiple projects for HIVE, but I've been watching things evolve and I also feel like a bit of a goof that I've never had a reason to test out the new LEO site beyond commenting a couple of times. (Loving it by the way!) So I thought I'd share a few of my market observations and some of the projects that make me most bullish on 2021.
I've spent quite a bit of time exploring ETH alternatives over the last year due to the insane gas fees that are making the platform unusable for most. I do think ETH 2.0 stands a chance to fix this problem, so I hold a bit of ETH, but I'm really starting to like DOT. I remember eyeballing it around $5.00 and not pulling the trigger and the next time I looked it was around $15.00 each and sitting in the top 10 crypto market caps. Quite the leap.
Of course it's easy to think it's overbought when something moves that fast that quickly, but learning about the fundamentals of the chain, what it's actually for, and realizing how it can establish a collaborative network between other chains, it's actually shifted my attention away from LINK and onto DOT. If you follow Polkastarter, you can find a huge variety of much needed projects already building for DOT, but the one that makes me the most bullish is Moonbeam which has the ability to make dApps that are interoperable with ETH. There's even a DEX aggregator that could crush 1inch.
I'm definitely biased on this one, but the PAL team have been building and releasing dApps over the last several months, such as @nftshowroom @lensy and @dublup, and with the new economic changes to the token plus burn mechanisms in place, it's hard not to imagine it going up. I think the high inflation faucet was a great way to spread the token around to people that wanted to hold it, but without a strong niche and moderation like we see on LEO, holding tokens to earn more tokens for blogging doesn't hold much economic value. We'll have to see what the future holds, but looking at the order books it seems fairly straightforward to me.
As someone that got burned doing DCA all the way down, I'll fully admit I was losing faith in whether or not the HIVE token would retain any value. I do still think we need intense economic changes for long-term viability. I think blogging rewards need to be entirely second layer tokens, such as LEO, and that the reward pool should be done away with in favor of staking. It's the same net result (assuming you are holding HIVE and not dumping every bit of it you can get), but without expecting investors to deal with the politics of the social platform to earn their interest or circle-jerk voting. This would also take the focus and value proposition of the token away from "blogging for more tokens" and encourage new dApps to hold more tokens and use them for onboarding and delegating to their userbase to make their dApps functional.
All of that being said, I do still think, as I've said since the beginning, that the $0.10 price range is a hard bottom for HIVE, just like it was for STEEM. I think we've also found a pretty firm bottom in the 300-400 satoshi range and have held nicely over the recent months of BTC price action. Of the three projects I've mentioned, this one is the biggest gamble in my opinion, but it also has a huge potential return if we can make the economic changes that we need to make (or get a lucky bull run pump that won't be sustainable without economic changes). What undervalued projects are you most passionate about?
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I agree with you, Hive shall be used as the backbone of the chain as a RC fund. Hive shall be paid to witnesses only. Also if you have a 2nd layer token, Hive shall be used to power it up.
Also the curation curve is broken, which might be fixed with the next HF.
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That would be awesome to see some economic fixes. Hopefully it'll happen.
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In the updates by blocktrades it is described that this will happen so that real users get the chance to read and then vote for a post. :)
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The main drawback for the hive is 13-week power down. You can't earn with trading and with a stupid reward curve you can't earn curation rewards either. So why buy and power up hive?
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Powering it up without serious economic changes? Not really any reason to. Especially if you're into blogging about crypto related stuff, you just power up LEO. This is why I think we need changes to the basic economics and second-layer community tokens for rewards. I do still think it's bottomed out though, and I'm buying, but yea I won't pretend I'm powering it up.
What's good champ. Today I just heard about @dublup and it seems a very innovative concept for the Hive blockchain, and the tokenomics their using would only strengthen the PAL token given that it may raise demand. @nftshowroom is the blast! I bought myself 3 unique awesome pieces of art, and will try to use my not so good artsy skills to see if I qualify, would like to see the PAL token getting involved in some way if it gains value? As for @lensy? No idea, will do my homework on this one. I'm glad you are trying to learn about the best from Leo and apply it to PAL. I'm pretty sure if you need any help they would be be very welcoming. Cheers!
Lensy needs more attention. It's similar to showroom but for photos instead of art. Apparently the market for people wanting to buy photo NFTs needs to be grown. Getting the PAL token involved in more projects is a goal, but it needs to find some kind of base value first. @dublup should help to establish a better idea of the value for the PAL token.
When I heard that there was some talk of getting rid of blogging rewards, I was against this originally. But now I am in favour of staking rewards, and agree it should be a 2nd layer thing.
It certainly looks like pal coin is coming back to life, which is nice to see!
Yea I think it's got quite a bit of life ahead of it yet.
Agreed. Call the last 4 years the distribution phase and draw a line under it.
When we're posting for rewards, we're really talking about credibility.
They're credibility tokens. Each group/project/tribe should have its own credibility token.
If we're only using Hive, I get to decide if that was an insightful post about crochet, ballet or sorbet, and I'm simply not qualified.
Yea, I'd go so far as saying dApps should have entirely unique reward pools. Do away with the spam tagging every tribe you can hope to get a few pennies out of and focus on the point of these dApps. Using them and growing a community is what their primary purpose should be, not farming magic internet pennies. All those users on reddit and quora and twitter and the like sure ain't there because they're getting a few dollars a post.
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I'm all about the alt tokens... They drive me a little more